Tag: Economics

The tariff on Russian goods entering the Uk falls from 20% to 10%.

What will be the most likely effect on the producer and consumer surplus in the UK?

Select ONE answer:

1. UK producer surplus – Decrease  /  UK consumer surplus – Increase
2. UK producer surplus – Decrease  /  UK consumer surplus – No Change
3. UK producer surplus – Increase  /  UK consumer surplus – Increase
4. UK producer surplus – Increase  /  UK consumer surplus – No Change

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Economics KS4 and KS5 classes.

The answer is 1

1. Correct
2. Not correct
3. Not correct
4. Not correct

This work is licensed under a Creative Commons Attribution 4.0 International License.

Which statement is NOT a positive economic statement?

Select ONE answer:

1. An increase in the rate of income tax decreases the wish to save.
2. An increase in the rate of income tax has a greater impact the greater the level of income.
3. An increase in the rate of income tax causes more hours of work to be supplied.
4. An increase in the rate of income tax is the fairest way to finance the national health service.

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Economics KS4 and KS5 classes.

The answer is 4

1. Not correct
2. Not correct
3. Not correct
4. Correct

This work is licensed under a Creative Commons Attribution 4.0 International License.

The fundamental economic question is how to meet unlimited wants with limited resources.

What is an example of limited resources?

Select ONE answer:

1. insufficient consumer goods in the local shops
2. insufficient jobs to allow full employment
3. insufficient machinery to produce electrical goods
4. insufficient tax revenue to finance building a school

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Economics KS4 and KS5 classes.

The answer is 3

1. Not correct
2. Not correct
3. Correct
4. Not correct

This work is licensed under a Creative Commons Attribution 4.0 International License.

A developing country is failing to reach its full economic potential because of poor rail, road and electricity infrastructure, and a lack of skilled mechanical engineers.

Which factors of production need to be increased?

Select ONE answer:

1. capital and land
2. enterprise and capital
3. labour and capital
4. land and enterprise 

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Economics KS4 and KS5 classes.

The answer is 3

1. Not correct
2. Not correct
3. Correct
4. Not correct

This work is licensed under a Creative Commons Attribution 4.0 International License.

In country X the government aims to protect jobs.

Which policy is most likely to succeed?

Select ONE answer:

1. decrease restrictions on immigrant labour
2. decrease subsidies to domestic producers
3. increase general tariffs on imports
4. remove quotas on imports

Show your workings to arrive at your answer, and explain and justify your reasons:……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Economics KS4 and KS5 classes.

The answer is 3

1. Not correct
2. Not correct
3. Correct
4. Not correct

This work is licensed under a Creative Commons Attribution 4.0 International License.